Want to start or buy an existing business in Canada? Read this

Ontario’s strategic location next to the United States, along with its free trade agreements with the USA, Mexico, and the European Union, makes it an appealing destination for Indian entrepreneurs seeking global expansion. Both Ontario and India are recognised for their excellence in nurturing and accelerating startups. The collaboration between the two nations fosters innovation ecosystems that benefit their respective populations.

The Ontario government provides various options for Indian entrepreneurs looking to expand their businesses globally. One such initiative is the Ontario Immigrant Nominee Program – Entrepreneur Success Initiative (OINP-ESI which is government-funded. The initiative’s goal is to facilitate the arrival of 100 entrepreneurs worldwide who plan to invest a minimum of $200,000 in an established business or start a new one in Ontario.

The OINP-ESI will facilitate partnerships and collaborations between Ontario and Indian businesses, boosting economic activity in both countries. It also launched an awareness campaign called “Move for More” to promote locations outside the Greater Toronto Area as optimal destinations for immigrant entrepreneurs to start or purchase businesses.

The ESI program offers a significant advantage with its fast-track option for permanent residence. Entrepreneurs accepted into the program can apply for permanent residence in as little as 26 months, enabling them to focus on their businesses rather than their immigration status. Moreover, the ESI provides comprehensive business support services, including mentoring, coaching, and networking opportunities, to help entrepreneurs succeed. The program also grants access to a wide range of resources and tools, empowering entrepreneurs to develop their business skills and knowledge.

Entrepreneurs from around the world, including India, are warmly welcomed by the ESI program. Ontario provides a welcoming environment with its diverse and multicultural population, strong economy, and stable political climate. For instance, Pavneet Singh established Vas-Tum, an Indian enterprise dedicated to recycling plastic and developing cost-effective and practical building materials. Their goal is to reduce plastic incineration and landfilling by repurposing it for more sustainable and useful purposes.

Another notable Indian enterprise, ibentos, founded by Harpreet Bhatia, initially focused on event marketing and technology for in-person events. However, Bhatia recognised the opportunity presented by the pandemic and launched a platform for virtual, hybrid, and in-person events in the metaverse. Additionally, the program has provided support to over 9,000 startups, including Hydrostor, which has achieved the prestigious unicorn status.

In sum, Ontario’s favorable business climate, supportive federal and provincial governments, and robust startup ecosystem make it an ideal destination for Indian entrepreneurs seeking to start or acquire businesses. However, navigating the Canadian business landscape can be challenging. The Ontario Immigrant Nominee Program – Entrepreneur Success Initiative is designed to assist Indian entrepreneurs in getting started, offering access to mentorship and support from experienced Ontario business leaders. With the right strategy and mindset, Indian entrepreneurs can thrive in the dynamic Ontario business landscape.

(The author is chairperson of the Toronto Business Development Centre)